Patel Realty launches Rs 900-cr project in Bangalore
The Hindu Business Line
Bangalore, Nov 27, 2009
Patel Realty India Ltd, a 100 per cent subsidiary of Patel Engineering Ltd, has announced the launch of Neotown in Bangalore with an investment of about Rs 900 crore. The project, spread over 120 acres, will comprise three residential precincts — a business precinct, a tech icon precinct, hospitality and leisure precinct and an educational precinct.
The three residential precincts will have about 4,000 apartments including studios, and apartments — one-bedroom, two-bedroom and two-bedroom with terrace apartments. The first phase would see the development about 1,000 apartments. According to a press release, the company has already invested about Rs 70 crore on infrastructure such as roads, walkways, drains and other township infrastructure essentials.
The apartments would be priced at Rs 1,975 a sq ft; a studio apartment (360 sq ft) will cost Rs 7.11 lakh, one-bedroom apartment (635 sq ft) Rs 12.54 lakh, and a two-bedroom apartment (865 sq ft) Rs 17.08 lakh.
The Electronic City is already a thriving city suburb and the elevated roadway connecting Koramangala to Electronic City is close to completion. “Once open, it will drastically reduce the travelling time to Electronic City. The Government has proposed to make a peripheral road like the Outer Ring Road, which will connect the Electronic City directly to the airport, reducing the current travel time of two hours to a convenient 50 minutes. This will further enhance the accessibility of the area,” said Mr Pravin Malkani, President, Patel Realty.